Hello fellow Traders,
Just wanted a medium to journal my trades for my new method of trading and document my thoughts as I progress along this journey.
I'd want to makee entries of:
Why I took a trade, why I exited, did i trade according to the rules, did I take profit too early, what were my FEELINGS!?
Guess that's what a journal is supposed to be used for.
STRATEGY PREMISE
The Forex market is a 24 hour 5 1/4 days market, and for a H1 chart you will find 24 bars or candlesticks, so that the representative average would be 24 period and since prices are dynamic we use moving averages and I prefer the Exponential Moving Average (EMA)
As a trend follower I have tried several combinations of curve fitting moving averages and I keep meeting up with more questions like "why the 200EMA?"
seriously why use the 200EMA? some say it is a well respected level and a dynamic S&R and pivot level.
No disrespect here but it has stood in the way of making holding decisions sometimes especially when my take profit is placed there and price just blows past it, or price threatens to reverse from there and I bail out to keep my little profit and the winners remain smaller than the losers.
Keeping it simple I decided to escalate the 24EMA to higher time frames and curve fit their values into M15 and M5.
This means the higher time frames would be my set-up charts while M15 and M5 would be my trigger charts.
I get to see multiple 24EMAs on higher time frames and I wait for an overbought or oversold rotation in my oscillator and pull the trigger in the direction of the higher time frame.
To sum it up
1 Establish trend direction from the higher time frames D1, H12, & H4 but preferably H4
2 Pull the trigger with an O/B or O/S rotattion in my Oscillator (Stochastic) in M15 or sometimes M5.
Very simple and easy to follow and master (just add patience)
YOU MAY SKIP TO POST #70 AS THE METHOD EVOLVED
FURTHER CHANGES HERE....
http://www.forexfactory.com/showthread.php?p=7212299#post7212299
Just wanted a medium to journal my trades for my new method of trading and document my thoughts as I progress along this journey.
I'd want to makee entries of:
Why I took a trade, why I exited, did i trade according to the rules, did I take profit too early, what were my FEELINGS!?
Guess that's what a journal is supposed to be used for.
STRATEGY PREMISE
The Forex market is a 24 hour 5 1/4 days market, and for a H1 chart you will find 24 bars or candlesticks, so that the representative average would be 24 period and since prices are dynamic we use moving averages and I prefer the Exponential Moving Average (EMA)
As a trend follower I have tried several combinations of curve fitting moving averages and I keep meeting up with more questions like "why the 200EMA?"
seriously why use the 200EMA? some say it is a well respected level and a dynamic S&R and pivot level.
No disrespect here but it has stood in the way of making holding decisions sometimes especially when my take profit is placed there and price just blows past it, or price threatens to reverse from there and I bail out to keep my little profit and the winners remain smaller than the losers.
Keeping it simple I decided to escalate the 24EMA to higher time frames and curve fit their values into M15 and M5.
This means the higher time frames would be my set-up charts while M15 and M5 would be my trigger charts.
I get to see multiple 24EMAs on higher time frames and I wait for an overbought or oversold rotation in my oscillator and pull the trigger in the direction of the higher time frame.
To sum it up
1 Establish trend direction from the higher time frames D1, H12, & H4 but preferably H4
2 Pull the trigger with an O/B or O/S rotattion in my Oscillator (Stochastic) in M15 or sometimes M5.
Very simple and easy to follow and master (just add patience)
YOU MAY SKIP TO POST #70 AS THE METHOD EVOLVED
FURTHER CHANGES HERE....
http://www.forexfactory.com/showthread.php?p=7212299#post7212299
Let it turn and find your entry.